Market Overview

Qorvo Announced Pricing Of Additional Senior Notes Worth $130M On August 14


Qorvo, Inc (NASDAQ: QRVO) recently announced the pricing of an additional $130 million of convertible unsecured senior notes to enhance liquidity. The notes are slated to mature in 2026.

The pricing of additional secure notes is at 101% of par value which includes any accrued interest from Jul 16, 2018 through the closing date. Consequently, this will take the total principal amount outstanding to $630 million. These additional notes once placed, will be an unsecured senior liability of Qorvo, interest for which will be paid at 5.5 percent per year.

Notably, the size of the additional offering was increased from the previous offering of $100 million. Subject to customary closing conditions, the sale of these notes to initial buyers is anticipated to conclude on August 28, 2018. The notes will be privately offered to institutional buyers qualifying under Rule 144A of the Securities Act of 1933, as amended.

Qorvo intends to utilize the proceeds of additional notes to fund a tender offer for its 7 percent senior notes due 2025. We believe these notes will provide financial flexibility to the company and fuel long-term growth.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: contributor contributorsNews Offerings


Related Articles (QRVO)

View Comments and Join the Discussion!

Daimler Plans To Manufacture Smart Electric Vehicles In China

Pivotal's Brian Wieser Sees More Trouble Ahead For Facebook